Dos and don'ts for practice finance

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Dealing with inventory

One place where dentists can use up a great deal of cash flow is in buying too much inventory. Levin Group has seen many practices with bulging inventory closets, nearly exploding with supplies that don't get used. Bulk ordering can be good or bad -- it all depends on how you handle it.

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Make wise choices. Evaluate whether you will use everything that has been ordered in a timely fashion. Look at cash flow and practice needs that may occur throughout the year. Then decide whether the purchase makes sense.

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Don't assume bulk ordering always works. I have seen many instances in which bulk ordering made little sense for the practice. On many occasions, bulk ordering has locked the dentist into a set of purchases and ended up costing the practice more money than if the dentist had ordered gradually as needed (even for a little bit more money per unit).

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